Mortgages and Loans For Buyers in the Southern Ocean County Real Estate Market
Southern Ocean County Real Estate
Buying a home in the Southern Ocean County real estate market is a major financial investment and one that should be taken seriously. There are a number of locations in Southern Ocean County ranging from residential communities like Ocean Acres to waterfront homes in Beach Haven West and summer vacation properties on Long Beach Island. While there are many locations and property styles on the real estate market, there are equally a number of financing options available to buyers in the Southern Ocean County real estate market. Jumbo Loans and USDA Financing in the Southern Ocean County Real Estate Market are two common loan products we see buyers employ and it is helpful to understand how these products work.
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Jumbo Loans and USDA Financing in the Southern Ocean County Real Estate Market
Jumbo Loans
Jumbo loans are helpful for those looking to move up to a bigger, better house or who need more room for a growing family. They are very common on Long Beach Island where the average price of a single family homes is around $1,000,000. The benefits of a jumbo loan include:
- Loan amounts up to $2 million
- Fixed- and adjustable-rate loans.
- Available for single family homes, town homes, condos.
- Primary residence and second/vacation homes also eligible.
USDA Rural Development Loans
Lenders and USDA Rural Development have teamed up to provide 100% financing to individuals and families who buy a home in a rural area. Benefits of this program include:
- Zero down payment required.
- Closing costs payment can come from any source.
- Easy qualification criteria.
- Not limited to first time homebuyers.
- New Lower Upfront Funding Fee Along with a Low Monthly USDA Fee.
Buying a Home in the Southern Ocean County Real Estate Market
It is important to remember that every situation and real estate transaction is different and any buyer should first speak with a qualified lender to see what loan products are available to them. Factors such as debt levels, credit score and income can greatly influence who will and who will not qualify for certain loan products. We can help connect you with the right tools to begin your Southern Ocean County real estate search. If you have any questions about Jumbo Loans and USDA Financing in the Southern Ocean County Real Estate Market or buying a home, contact us and we will respond right away.
The Beach Haven West Real Estate Group and Southern Ocean County Real Estate Specialists
Farrah Pileggi 201-952-4131| Kim Pileggi 732-887-4853 | Nathan Colmer 609-290-4293